Earnings summaries and quarterly performance for Air Products & Chemicals.
Research analysts who have asked questions during Air Products & Chemicals earnings calls.
CP
Christopher Parkinson
Wolfe Research
6 questions for APD
Also covers: ALB, ASH, AXTA +17 more
JZ
Jeffrey Zekauskas
JPMorgan Chase & Co.
6 questions for APD
Also covers: ALB, ASH, AVY +30 more
JE
John Ezekiel Roberts
Mizuho Securities
6 questions for APD
Also covers: ALB, ASH, AXTA +21 more
Kevin McCarthy
Vertical Research Partners
6 questions for APD
Also covers: ALB, ALTM, AXTA +17 more
Patrick Cunningham
Citigroup
6 questions for APD
Also covers: ALB, AXTA, CE +17 more
Duffy Fischer
Goldman Sachs
5 questions for APD
Also covers: AXTA, CC, CTVA +9 more
DB
David Begleiter
Deutsche Bank
4 questions for APD
Also covers: ALB, ASH, AVNT +24 more
John McNulty
BMO Capital Markets
4 questions for APD
Also covers: ASH, AVY, AXTA +14 more
LA
Laurence Alexander
Jefferies
4 questions for APD
Also covers: AIQUY, ALB, ASH +27 more
JS
Josh Spector
UBS Group
3 questions for APD
Also covers: ALB, AMBP, ASH +27 more
Joshua Spector
UBS
3 questions for APD
Also covers: ALB, AMBP, ASH +37 more
Matthew Deyoe
Bank of America
3 questions for APD
Also covers: AXTA, CF, CTVA +12 more
Michael Leithead
Barclays
3 questions for APD
Also covers: AMBP, AVY, AXTA +15 more
Michael Sison
Wells Fargo
3 questions for APD
Also covers: ALB, ASH, AVNT +15 more
Steve Byrne
Bank of America
3 questions for APD
Also covers: ADM, AXTA, BIOX +19 more
AV
Arun Viswanathan
RBC Capital Markets
2 questions for APD
Also covers: ALB, AMBP, AMCR +25 more
DR
Daniel Rizzo
Jefferies
2 questions for APD
Also covers: ATR, AZZ, CBT +15 more
Vincent Andrews
Morgan Stanley
2 questions for APD
Also covers: ALB, AVNT, AXTA +20 more
AG
Avi Ganesan
Wells Fargo & Company
1 question for APD
DH
David Huang
Deutsche Bank
1 question for APD
Also covers: ALKS, LIN, NBIX
JH
James Hooper
AB Bernstein
1 question for APD
Also covers: LIN, PPG
LF
Laurent Favre
BNP Paribas
1 question for APD
Also covers: AIQUY, AXTA, FMC +3 more
MH
Michael Harrison
Seaport Research Partners
1 question for APD
Also covers: ASH, AVNT, AXTA +17 more
MS
Mike Sasson
Wells Fargo
1 question for APD
PF
Patrick Fischer
Goldman Sachs
1 question for APD
Also covers: AXTA, CC, CTVA +8 more
Sebastian Bray
Berenberg
1 question for APD
Also covers: FUPBY, NVZMY, SLVYY
SH
Steven Haynes
Morgan Stanley
1 question for APD
Also covers: ADM, AVNT, BG +2 more
Recent press releases and 8-K filings for APD.
Air Products announces partnership with Yara for low-emission ammonia projects
APD
New Projects/Investments
- Air Products and Yara International will co-develop low-emission ammonia projects in Louisiana and Saudi Arabia, with the Louisiana project targeting FID by mid-2026 and completion by 2030; total cost $8–9 billion, with a 75%/25% Air Products/Yara capital split.
- Under the U.S. agreement, Air Products will sell the ammonia production and distribution assets to Yara and secure a 25-year offtake contract for hydrogen and nitrogen from its industrial gas facility.
- Air Products retains ownership of the CO₂ capture credits, expects to store up to 10 million tons of CO₂ per year in its pore space, and will emit 5.5 million tons of CO₂ annually eligible for 45Q credits; final sequestration partners to be confirmed pre-FID.
- In Saudi Arabia, Yara will handle marketing and distribution of renewable ammonia from the NEOM joint venture on a commission basis, with agreement planned for H1 2026 and first supply in 2027, leveraging Yara’s 12-vessel and 18-terminal network.
Dec 8, 2025, 2:00 PM
Air Products and Yara International partner on low-emission ammonia projects
APD
New Projects/Investments
- Air Products and Yara are negotiating a long-term partnership for low-emission ammonia projects in Louisiana, US (FID targeted mid-2026, completion by 2030), and in Saudi Arabia (first supply expected 2027).
- The Louisiana project carries an estimated $8 billion–$9 billion capex, with Air Products funding 75% (industrial gas scope) and Yara funding 25% (ammonia production and shipping assets) under a 25-year hydrogen and nitrogen supply contract.
- CO₂ credits from the project accrue to Air Products under the 45Q tax credit, while CO₂ sequestration will be managed by third-party service providers at fee rates, incurring no additional capex for Air Products.
- Under the NEOM joint venture, Yara will handle transportation and commercialization of renewable ammonia not used by Air Products for green hydrogen in Europe, earning a commission linked to market prices.
Dec 8, 2025, 2:00 PM
Air Products and Yara announce partnership for low-emission ammonia projects
APD
New Projects/Investments
- Air Products and Yara International are forming a long-term partnership to develop low-emission ammonia projects in Louisiana and Saudi Arabia, targeting FID by mid-2026 and completion by 2030, with total Louisiana project cost of $8–9 billion (75% APD, 25% Yara)
- For Louisiana, Air Products will sell ammonia production and distribution assets to Yara and enter a 25-year hydrogen and nitrogen supply contract from its industrial gas facility
- In Saudi Arabia, Yara will market and distribute all renewable ammonia from the NEOM joint venture not used by Air Products for European green hydrogen; agreement completion is targeted in H1 2026 with first supply in 2027
- Air Products expects its CO₂ sequestration pore space to hold 10 million tons/year, with the CO₂ credits accruing to APD; sequestration operations will be outsourced to third parties
Dec 8, 2025, 2:00 PM
Air Products hosts investor teleconference to discuss low-emission ammonia partnership
APD
New Projects/Investments
- Air Products will host an investor teleconference today, December 8, 2025 at 9:00 a.m. USET, to discuss its joint announcement with Yara International ASA regarding advanced negotiations to partner on low-emission ammonia projects.
- The teleconference is open to the public and media via telephone (786-297-8744, passcode 4083438) and through an internet broadcast/slides, with a replay available on Air Products’ Investor Relations website.
- In fiscal 2025, Air Products generated $12 billion in sales from operations in approximately 50 countries and is the leading global supplier of hydrogen, supporting low- and zero-carbon energy projects.
Dec 8, 2025, 11:00 AM
Air Products in advanced talks with Yara on US–NEOM ammonia partnership
APD
New Projects/Investments
Board Change
- Air Products and Yara aim to link Air Products’ $8–9 billion Louisiana Clean Energy Complex with NEOM green-ammonia project; Yara would cover ~25% of the cost and assume marketing and distribution under a targeted H1 2026 agreement.
- Final investment decisions expected by mid-2026; NEOM is >90% complete with commercial green-ammonia production slated for 2027 and the Louisiana project for ~2030.
- Analysts warn of continued heavy capex, price exposure on NEOM volumes, and risks of delays and cost overruns, factors that pressured the share price.
- Director Lisa A. Davis will retire after the January 28, 2026 annual meeting but remain on key committees until that date.
Dec 8, 2025, 7:24 AM
Air Products partners with Yara on low-emission ammonia projects
APD
New Projects/Investments
- Targeted final investment decisions: Both companies aim for FIDs by mid-2026 for the Louisiana Clean Energy Complex and for a marketing agreement in H1 2026 for the NEOM Green Hydrogen Project.
- Louisiana Clean Energy Complex: Will produce >750 Mscfd of low-carbon hydrogen with 95% CO₂ capture, supporting 2.8 Mt/year of ammonia under a 25-year offtake; Yara to acquire the ammonia plant for ~25% of the $8–9 billion project cost.
- NEOM Green Hydrogen Project: Over 90% complete, on track for 2027 commercial start; Air Products is sole offtaker of up to 1.2 Mt/year renewable ammonia, with Yara handling global marketing of unsold volumes.
- Strategic synergy: Leverages Air Products’ hydrogen capabilities and Yara’s global ammonia network to meet rising low-emission ammonia demand, particularly in Europe.
Dec 8, 2025, 7:00 AM
Air Products updates Louisiana and Neom projects and 2026 cash flow outlook
APD
New Projects/Investments
Guidance Update
- Air Products is advancing its Gulf Coast Darrow (Louisiana) blue hydrogen project (750 MMcf/d capacity, 80% ammonia conversion) and expects to finalize ammonia offtake partnerships by mid-December 2025, targeting industrial-gas-typical returns.
- The Neom green hydrogen/ammonia facility in Saudi Arabia remains on schedule for start-up in 2027, with its project debt to be deconsolidated from Air Products’ balance sheet in FY2027, reducing leverage.
- Management reaffirms free cash flow neutrality to slightly positive in FY2026, assuming ~$4 billion of capital expenditures and monetization of non-strategic assets, and plans around $100 million in annual cost savings from workforce and productivity actions.
- Core industrial gas markets are resilient but face near-term headwinds: muted U.S. growth, hyper-competitive Chinese supply, and European demand pressure; helium volumes are largely contracted under multi-year agreements, supporting pricing stability.
Dec 2, 2025, 1:40 PM
Air Products outlines project updates and financial guidance at 2025 Citi conference
APD
New Projects/Investments
Guidance Update
- Air Products expects to finalize the direction on its self-imposed end-of-year deadline for the Louisiana clean hydrogen/ammonia project within two weeks, having secured a minor air‐source permit and seeking an ammonia producer partner to operate the ammonia loop.
- The Neom green hydrogen project remains on track for a 2027 start, with ammonia exports serving as interim offtake until European green hydrogen regulations are transposed (~2030); a green ammonia marketing plan is expected by 1H 2026.
- The company maintains a cash flow neutral to positive outlook through 2028, backed by a $4 billion CapEx plan for 2026 (including Darrow investments) and the deconsolidation of Neom debt in 2027 to improve leverage.
- Execution on other major projects (Edmonton, Rotterdam ICO 4/5) is under control with 40–50% of volumes contracted at Edmonton and ICO 5, full contraction at ICO 4, and a Rotterdam ammonia liquefier proceeding as a merchant venture.
- Air Products delivered $100 million of cost savings in FY 2025 and targets an additional $100 million in FY 2026 through headcount reductions and productivity; the company is also deploying AI tools enterprise-wide to further drive efficiency.
Dec 2, 2025, 1:40 PM
Air Products updates on major hydrogen projects and financial targets at Citi 2025 Basic Materials Conference
APD
New Projects/Investments
Guidance Update
- Louisiana hydrogen project fundamentals remain sound; designed for 750 million cubic feet/day of H₂ (80% converted to ammonia), with partner agreements for the ammonia loop expected by year-end.
- Neon green hydrogen project on track for 2027 start; exploits lower Saudi power costs via ammonia export to Europe, with green ammonia offtake markets to be clarified by H1 2026.
- 2026 financial outlook embeds approximately USD 4 billion of CapEx (including Darrow/Louisiana), targeting free cash flow neutrality to slight positivity through 2028; Neon deconsolidation in 2027 will reduce net debt and improve leverage metrics.
- Cost reduction program: 6% of actions completed delivered USD 100 million in savings in FY 2025, with an additional USD 100 million of savings expected in FY 2026 as remaining actions are executed.
- Core industrial gas markets are resilient but mixed: low growth in the U.S., robust electronics-driven demand in Asia, and pricing pressures in Europe due to oversupply.
Dec 2, 2025, 1:40 PM
Air Products reports Q4 2025 earnings and 2026 guidance
APD
Earnings
Guidance Update
New Projects/Investments
- Air Products delivered $12.03 EPS and a 23.7% operating margin in fiscal 2025, marking the 43rd consecutive year of dividend increases and returning $1.6 billion to shareholders.
- For fiscal 2026, the company guides EPS of $12.85–$13.15 (7–9% growth) and Q1 EPS of $2.95–$3.10, with $4 billion in capital expenditures and continued focus on pricing, productivity, and helium headwinds.
- Capital expenditures are expected to decline to ~$2.5 billion per year after 2026; there remains $2.5 billion of spend on underperforming projects (2026–2028), and new commitments to the Louisiana blue hydrogen project are paused pending off-take agreements.
- Since 2022, the company has implemented 3,600 headcount reductions (≈16% of peak workforce), targeting $250 million in annual cost savings (≈$0.90 per share).
- The NEOM green ammonia project is 90% complete, with renewable power commissioning by early 2026 and full ammonia production expected in 2027.
Nov 6, 2025, 2:00 PM
Quarterly earnings call transcripts for Air Products & Chemicals.
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